Part three of our Parents’ Guide series looks at things you’ll need to arrange before your son or daughter starts university.
Open a student bank account
Do some research into the different options and deals on offer and consider which one can offer the most to your son or daughter in the long term. Some banks offer deals like discounted travel for students which can help to save money, but always look at the wider picture to make sure that you really are getting the best deal.
Insuring personal possessions is important in case of accidental loss, damage or theft, as the cost of replacing valuables can be considerable in some cases. Many insurers offer specific insurance for students, but some parents opt to take out student insurance as part of their own home insurance. Take time to find out whether this could be more cost effective than taking out separate cover.
Whichever option you choose, ensure that appropriate cover is arranged before your son or daughter joins university. Consider what valuables your son and daughter intend to bring and pay attention to any specific cover requirements or additional premiums for specific items.